Thornton, CO

While everyone fixates on how the average home price in Denver declined 13% in the last year, we overlook an important tenent of real estate: location, location, location. Every one of the 400+ neighborhoods in metro Denver we track had a slightly different response to the market!

The attached chart shows different neighborhoods in our region. Each region has the neighborhood’s name and the percentage of sales in the last twelve months that were either short sales or bank-owned properties. The second line has the price change in the twelve months from January to December 2008 vs. 2007. Next, you’ll see the average home price in the last twelve months and the average days on market (DOM). There had to be at least twenty sales in the last year for an area to be included. The numbers are more reliable in areas where there were more sales.

How can you use this information to help your clients make better decisions?

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Investing in Real Estate 4 – Small (2-4 units) Apartment Building
This blog will discuss a type of real estate investment, small apartment buildings, in the Thornton area in Denver.

What this investment is: Purchase of duplex, triplex or quadplex to be rented to tenants, usually for 6-12 month terms. Usually what the rental home / condo landlords graduate to. In most markets they cost a little more than a rental home, but are much more likely to cash flow on the average month. Less cash flow risk; if one unit is empty you have other tenants that still help you with the mortgage payment so it doesn't all come out of your pocket. Many owners will start to delegate some of the property management tasks to an on-site assistant (typically the most responsible tenant), such as yard maintenance and showing empty units. The financing process is only slightly more involved than a residential loan. Relatively small down payment requirements make it affordable. The purchase process is also very similar to purchasing a home. It's a good way for beginners to get started.

Equity needed: 20% - 30% down would be typical.

Importance of credit: Very important. A 720 FICO score would help a lot. Being able to document your income and your assets will be critical.

Importance of experience with contractors: Some exposure would be helpful, but you are not likely to encounter construction projects any more difficult than you have maintaining your own personal residence.

Important of experience with property managers: Not important; the majority of our clients manage their own rentals when they get started. If you get a property manager, you’ll be able to figure it out easily on this small of a scale. We run classes on how to do this from time to time. Go to http://www.yourcastle.org/events.cfm to see when the next session is.

Next week, we’ll continue to explore small apartment buildings in more detail!

Investing in Real Estate 3 – Rental Condo or Rental Home
This blog will discuss a type of real estate investment, rental condos or rental homes, in the Thornton area in Denver.

What this investment is: Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease term. This is how most new landlords get started. You can hire out all of the property management functions, but in many cases you will do many of them on your own. There are smaller down payment requirements than for larger rental buildings. The purchase process and financing process is very similar to what you experienced buying the home you live in now. It's a great way for beginners to get started.

Equity needed: Currently 20% - 25% Downpayment. In some cases you might be able to do it with 10% down, but expect the second mortgage to be at a higher rate. While Freddie / Fannie lenders might only let you have four loans, smaller local lenders will let you have more than that if you have strong credit. Contact me and I’ll put you in touch with the right people.

Importance of credit: Very important. A 720 FICO score would help a lot. Being able to document your income and your assets will be critical.

Importance of experience with contractors: Some exposure would be helpful, but you are not likely to encounter construction projects any more difficult than you have maintaining your own personal residence.

Important of experience with property managers: Not important; the majority of our clients manage their own rentals when they get started. We run classes on how to do this from time to time. Go to http://www.yourcastle.org/events.cfm to see when the next session is.

The next few blog articles explore related topics, such as rentals, fix and flips, and new construction. Next week, we’ll continue to explore rental condos / homes in more detail!

Investing in Real Estate 2 – Assignments
This blog will discuss a type of real estate investment, assignments, in the Thornton area in Denver.

What this investment is: An investor who is interested in Assignments gets a property under contract for an attractive price then assigns the contract to another buyer, usually another investor. The first investor will be paid a fee for the work. If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing. You will need to have a strong "sales" personality to succeed at it, though.

Equity needed: None, just earnest money.

Importance of credit: Not important, since you are not purchasing the property yourself.

Importance of experience with contractors: Not important. The person that you ‘flip’ the property to will be doing the work.

Important of experience with property managers: Not important. The person purchasing the property from you will be managing the tenants.

The next few blog articles explore related topics, such as rentals, fix and flips, and new construction. Next week, we’ll continue to explore assignments in more detail!